Quilter to offload its life assurance arm for £425m
QUILTER plans to sell its life assurance business to rival Reassure for £425m as it tries to streamline its operations.
The FTSE 250-listed asset manager, formerly known as Old Mutual Wealth Management, hopes to complete the deal later this year, subject to regulatory approval.
Yesterday's announcement came as Quilter reported a first-half operating loss of £40m, but said adjusted pretax profit rose five per cent to £115m. Assets under management and administration at Quilter rose...